Deep Track Capital LP Lowers Position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD)

Deep Track Capital LP trimmed its position in Mind Medicine (MindMed) Inc. (NASDAQ:MNMD - Free Report) by 60.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,816,594 shares of the company's stock after selling 4,248,505 shares during the quarter. Deep Track Capital LP owned 3.84% of Mind Medicine (MindMed) worth $19,603,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marshall Wace LLP raised its stake in shares of Mind Medicine (MindMed) by 9.3% during the fourth quarter. Marshall Wace LLP now owns 2,501,391 shares of the company's stock valued at $17,410,000 after acquiring an additional 213,526 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Mind Medicine (MindMed) by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 1,723,088 shares of the company's stock worth $11,996,000 after buying an additional 45,386 shares during the last quarter. Northern Trust Corp increased its stake in shares of Mind Medicine (MindMed) by 12.6% during the fourth quarter. Northern Trust Corp now owns 684,836 shares of the company's stock valued at $4,766,000 after buying an additional 76,559 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Mind Medicine (MindMed) by 5.4% during the fourth quarter. Bank of New York Mellon Corp now owns 200,121 shares of the company's stock valued at $1,393,000 after acquiring an additional 10,338 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Mind Medicine (MindMed) by 4.7% in the fourth quarter. Wellington Management Group LLP now owns 194,491 shares of the company's stock worth $1,354,000 after acquiring an additional 8,769 shares during the period. 27.91% of the stock is currently owned by institutional investors.

Mind Medicine (MindMed) Stock Performance

Shares of Mind Medicine (MindMed) stock traded down $0.30 on Friday, hitting $6.16. 946,125 shares of the company's stock were exchanged, compared to its average volume of 1,379,310. Mind Medicine has a 1 year low of $4.70 and a 1 year high of $10.44. The company has a 50-day simple moving average of $6.12 and a 200-day simple moving average of $6.94. The company has a debt-to-equity ratio of 0.09, a quick ratio of 9.00 and a current ratio of 9.00. The stock has a market capitalization of $464.27 million, a PE ratio of -2.73 and a beta of 2.52.

Mind Medicine (MindMed) (NASDAQ:MNMD - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.01. As a group, equities analysts anticipate that Mind Medicine will post -1.35 EPS for the current year.

Insider Buying and Selling at Mind Medicine (MindMed)

In other Mind Medicine (MindMed) news, CEO Robert Barrow sold 21,208 shares of the stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $6.74, for a total value of $142,941.92. Following the completion of the sale, the chief executive officer now owns 856,556 shares in the company, valued at approximately $5,773,187.44. This represents a 2.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Daniel Karlin sold 6,836 shares of the business's stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $6.74, for a total value of $46,074.64. Following the completion of the transaction, the insider now owns 446,177 shares in the company, valued at $3,007,232.98. The trade was a 1.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,391 shares of company stock valued at $204,835 over the last 90 days. 2.26% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MNMD has been the subject of several research analyst reports. Chardan Capital reaffirmed a "buy" rating and issued a $20.00 target price on shares of Mind Medicine (MindMed) in a research report on Friday. HC Wainwright reissued a "buy" rating and issued a $55.00 price target on shares of Mind Medicine (MindMed) in a research report on Friday, March 7th. Evercore ISI began coverage on shares of Mind Medicine (MindMed) in a research note on Tuesday, January 28th. They set an "outperform" rating and a $23.00 price objective for the company. Finally, Robert W. Baird reduced their price target on shares of Mind Medicine (MindMed) from $27.00 to $16.00 and set an "outperform" rating for the company in a research report on Friday, March 7th. Ten investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $25.11.

Mind Medicine (MindMed) Profile

Mind Medicine (MindMed) Inc, a clinical stage biopharmaceutical company, develops novel products to treat brain health disorders. The company's lead product candidates include MM-120, which is in phase 2 for the treatment of generalized anxiety disorder and attention deficit hyperactivity disorder; and MM-402, a R-enantiomer of 3,4-methylenedioxymethamphetamine, which is in phase I clinical trials for the treatment of core symptoms of autism spectrum disorder.